I would like to start by thanking our witnesses.
I know it was difficult for some of you to make it. Some of you made the trip just for this meeting; Mr. Jaccard flew in on the red-eye. We really appreciate you making the effort to be here to testify.
Please keep your comments to about ten minutes. We do have a magic box that tells us how long you've gone. When you see me fidgeting, you'll know you've done your ten minutes and we'll go to questions.
We'll start with Mr. Page.